People Needed for Your Estate Plan: Wills

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Elder law attorney Jim Koewler joins Suzanne to talk about setting up your estate plan and the people needed to complete various documents, such as powers of attorney, wills, living wills, revocable trusts, and irrevocable third-party trusts. This segment covers wills.

Living Will

• Person to receive phone call (that Principal seems to have suffered traumatic brain damage): Probably spouse
• First alternate person to receive phone call: Person most likely to take in Principal (person signing the Living Will) if Principal needs long-term care (same for Powers of Attorney)
• Second successor agent: Person second-most likely to take in Principal if Principal needs long-term care
• Etc.

(Note: The person listed on Living Will to receive the phone call doesn’t have any “power,” but many families don’t know that. So, to avoid “power struggles” among family members, it is prudent to list the same people in the Living Will as are named in the Powers of Attorney.)

Will

• Executor: Spouse first
• Backup Executor (if spouse not able): Person who gets stuff done, meets deadlines, and doesn’t buckle under pressure from other heirs

Listen in to hear details and explanations. Learn more about Jim Koewler at Answer for Elders or at his website, and look here to see a list of all of Jim’s podcasts.

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